Wholesale Prices

Name: Wholesale Prices
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The following is plain-text output generated by Optical Character Recognition. 87th Congress 2nd Session f nail Economic Indicators APRIL 1962 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong WRIGHT PATMAN Texas Chairman PAUL H DOUGLAS Illinois Vice Chairman SENATE HOUSE OF REPRESENTATIVES JOHN SPARKMAN Alabama RICHARD BOLLING Missouri J WILLIAM FULBRIGHT Arkansas HALE BOGGS Louisiana WILLIAM PROXMIRE Wisconsin HENRY S REUSS Wisconsin CLAIBORNE PELL Rhode Island MARTHA W GRIFFITHS Michigan PRESCOTT BUSH Connecticut THOMAS B CURTIS Missouri JOHN MARSHALL BUTLER Maryland CLARENCE E KILBURN New York JACOB K JAVITS New York WILLIAM B WIDNALL New Jersey WM SUMMERS JOHNSON Executive Director JOHN W LEHMAN Deputy Executive Director JOHN R STARK Clerk COUNCIL OF ECONOMIC ADVISERS WALTER W HELLER Chairman KERMIT GORDON JAMES TOBIN PUBLIC LAW 120 81sT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required number of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Graphics Unit Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 20 cents single copy or by subscription at 2 00 per year foreign 2 75 from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON 25 B C Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions The domestic airmail subscription price is 4 60 per year The I960 Supplement to Economic Indicators which describes each series and gives annual data for years not shown in the monthly issues is now available at 60 cents a copy Contents TOTAL OUTPUT INCOME AND SPENDING The Nation s Income Expenditure and Saving Gross National Product or Expenditure National Income Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment iv EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Unemployment Insurance Programs Nonagricultural Employment Weekly Hours of Work Average Hourly and Weekly Earnings Selected Industries PRODUCTION AND BUSINESS ACTIVITY Industrial Production Production of Selected Manufactures Weekly Indicators of Production New Construction Housing Starts and Applications for Financing Trade Sales and Inventories Manufacturers Sales Inventories and New Orders Merchandise Exports and Imports U S Balance of Payments PRICES Consumer Prices Wholesale Prices Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Supply Bank Loans Investments Debits and Reserves Consumer Credit Bond Yields and Interest Rates Stock Prices FEDERAL FINANCE Budget Receipts and Expenditures Cash Receipts from and Payments to the Public 31 32 NOTE Detail in these tables will not necessarily add to totals because of rounding Data for Alaska and Hawaii are not included unless specifically noted Unless otherwise stated all dollar figures arc in current prices Ill TOTAL OUTPUT INCOME AND SPENDING THE NATION S INCOME EXPENDITURE AND SAVING Gross national product according to preliminary estimates rose 7 billion seasonally adjusted annual rate or 11 l percent from the fourth quarter of 1961 to the first quarter of 1962 The gain over a year earlier was 48 billion Billions of dollars quarterly data at seasonally adjusted annual rates Period Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter 1962 First quarter 5 Personal Disposable consumption personal expenditures International Business Persons Personal Excess Gross saving Gross of private or retained domestic investearndisinvestment saving ings 2 ment Foreign Net exports of goods Excess of net and services transfers trans or fers by of net GovernNet ExImexports ment exports ports ports Government Net receipts Period I Third quarter Fourth quarter 1 Hi 1 First quarter Second quarter Third quarter Fourth quarter I ii J Firs nuarter 5 1 Surplus or deficit Tax and TransTrans on Purnontax fers chases Total fers income Net and goods expendi interest receipts receipts interest of and or and subtures and sub product 4 4 accruals sidies sidies services account Expenditures Terminal Income p 3 less personal taxes and nontax payments fines penallliv i li l rnent l ndl i r i h i t l c i l corporate profits corporate inventory valuation adjustment r i i1p l h d I ntr u i t i p l ion allowances and excess of wage accruals over disbursements H inivirn investment with sign changed j Total Stat income tica or discrc receipts anc Gross national product or expenditure Government transfer payments to persons foreign net transfers by Government net interest paid by government and subsidies less current surplus of net p srovernment enterorises government enterpri Preliminary estin Jinates by Council of Economic Advisers 6 Not available able NOTE Data for Alaska and Hawaii included beginning 1960 Source Department of Commerce except as noted GROSS NATIONAL PRODUCT OR EXPENDITURE Consumer expenditures accounted for about 4 billion of the 7 billion seasonally adjusted annual rate gain in gross national product in the first quarter of 1962 government purchases 2 billion and private investment 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS 6OO GROSS NATIONAL PRODUCT 400 GOVERNMENT PURCHASES OF GOODS AND SERVICES 1956 PRELIMINARy ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE E X C E P T AS NOTED QDUNCIi OF ECONOMIC ADVISERS Billions of dollars Total Personal Gross Net gross Total conprivate exports national gross sump domestic of goods product national tion and in 1961 product expend investment services prices itures Period S SO 6 Government purchases of goods and services Federal State Total Total National Other and 2 local defense Seasonally adjusted annual rates 47 S Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter S o l S i 1 2 Less Government sales These expenditures correspond closely with budget expenditures for national defense shown on p 31 3 Gross national product in current prices divided by gross national product in 1961 prices NOTE Data for Alaska and Hawaii included b i v i n n l n r l Source Department of Comment rxivpl i Implicit price deflator for total GNP Ml S M l l NATIONAL INCOME Compensation of employees rose 5 2 billion seasonally adjusted annual rate in the first quarter of 1962 In the noncorporate sector farm income declined while other income rose or was maintained at the previous quarter s rate BILLIONS OF DOLLARS SOO BILLIONS OF DOLLARS 1 500 SEASONALLY ADJUSTED ANNUAL RATES COMPENSATION OF EMPLOYEES CORPORATE PROFITS AND INVENTORY VALUATION ADJUSTMENT PROPRIETORS AND RENTAL INCOME V NET INTEREST J i I J PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED t i 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Total national income Compensation of employees Business and professional Rental income of persons Proprietors income Farm Corporate profits and inventory valuation adjustment Net interest Total Profits Inventory before valuation taxes adjustment Seasonally adjusted annual rates JIHiO Third quarter Fourth quarter HHil Fir st quarter Hocond quarter Third quarter Fourth quarter Hlll First qimrtfr ItitMiMl wnpioycr contributions for social Insurance See also p ft Hiiiiimry tUtnntctt by Council of Economic Advisers K I IIV lit Ml NOTE Data for Alaska and Hawaii included beginning i960 Source Department of Commerce except as noted SOURCES OF PERSONAL INCOME Personal income rose 2 0 billion seasonally adjusted annual rate in March to a new record level of 435 3 billion or 32 billion more than the February 1961 low BILLIONS OF DOLLARS B I L L I O N S OF DOLLARS j BUSINESS PROFESSIONAL AND RENTAL INCOME V 1956 Period February March April May June July August September October November December 1962 January February March COUNCIL OF ECONOMIC ADVISERS fBillions of dollars Labor income Proprietors income wage and Rental salary disDiviBusiness income dends bursements of Farm and pro persons and other fessional labor income Seasonally adjusted annual G Compensation of employees see p 2 excluding employer eoiHribuiions for social insurance and the excess of wasie accruals over uisbiir enirnts Persona income exclusive of net income of unincorporated farm enterprises farm writes agricultural net interest and net dividends paid by atjneiiH ral corporations Includes steppcd up payment oT National Service T ife Insurance dividends SOURCE DEPARTMENT OF COMMERCE Total personal income 350 FARM PROPRIETORS INCOME 1957 I i 400 Less PerPersonal Transfer sonal contributions payinterest income ments for social insurance rates JO r M 150 million 1 8 billion at a n n u a l rate in M i r H i billion at annual rate in July 4 Preliminary Nonagricultural personal income d 3 4 r 3 1 l i S II V 1 DISPOSITION OF PERSONAL INCOME Both disposable personal income ana1 personal consumption expenditures increased in the first quartei of 1962 the increase in income being less rapid than in expenditures the saving rate dropped BILLIONS OF DOLLARS With BILLIONS OF DOLLARS J V DOLLARS 2 200 PER CAPITA DISPOSABLE PERSONAL INCOME IN 1961 PRICES gffSSUSt n I A I V I 1956 i i r IN CURRENT PRIC ES i i 1957 I 1 i 1958 i l i i 1959 i i I l 5 i l r Mil V b Ub O Total Durable goods Nondurable goods i A A V COUNCIL OF ECONOMIC ADVISERS Personal consumption expenditures Disposable personal income I SEASONALLY ADJUSTED ANNUAL RATES I PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED Period 2 000 iijjj ji Personal saving Services Billions of dollars I S C Seasonally adjusted annual rates Per capita disposable personal income Current prices prices 2 Dollars Saving as percent Popuiaof distion posable thoupersonal sands 3 income percent I M l t Third quarter ourth quarter Kinst quarter Srrcmd quarter T h i r d quarter F o u r t h quarter t H 1 i ir l qimricr Preliminary p i less personal taxes and nontax payments fines penalNOTE Data for Alaska and Hawaii included beginning 1960 ii ir cc divided by the implicit price deflator for personal I hires on a 1901 base Sources Department of Commerce and Council of Economic Advisers if I n i l c d States including armed forces abroad Annual M i f l y dsilin entered in the middle of the period interpolated FARM INCOME Realized gross farm income seasonally adjusted declined and production expenses rose slightly during the first quarter of 1962 Net farm income fell below the fourth quarter 1961 level but remained above the first quarter 1961 leve BILL IONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES REALIZED GROSS FARM INCOME i ii i O A O 20 NET FARM INCOME INC UDING NET INVENTORY CHANGE j I I I960 i Third quarter Fourth quarter 1961 First quarterSecond quarter Third quarter Fourth quarter 1962 First quarter From From agricul nonagritural cultural sources 1 sources Total G o her o fiiniis is held coii l ml w l l l i l n M yeiii 2 Net income per farm including net inventory change Net ProducCash tion exreceipts penses from marketings Billions of dollars Seasonally adjusted annual Net income of farm operators from farming including net inventory change and wages received by farm resident workers 2 Cash receipts from marketings Government payments and nonmoney income furnishe i by farms Inventory of crops and livestock vnlliod nt Ihc nvrmi c prlee for the y r i r Series revised h c K i n n i n K Ill ri2 on the Imsis ol HI Ml I Vnsus f A r r i e i i H m v dell I l i l i m i of i f a r m The K i l l i s li 1 Income received by farm operators from farming Realized gross COUNCIL OF KOKOMIC ADVISERS Income received by total farm population From all sources SOUF CE DEPARTMENT OF AGRICULTURE Period i 10 J Excluding inventory change Including net in Current 1961 ventory3 prices prices 5 change rates s l i v i i l r i i hy t i n i r n r i Dollars rr O i mo CORPORATE PROFITS Corporate profits before taxes are estimated to have risen 5 2 billion seasonally adjusted annual rate in the fourth quarter of 1961 to 52 4 billion This brings the total rise from the first quarter of 1961 to the fourth quarter to 12 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS I96I E X C L U D I N G INVENTORY VALUATION ADJUSTMENT COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Period Third quarter Fourth quarter I ir sl quarter Second quarter Third quarter I linrt h quarter 1 if 1 M i i H r r frrt Corporate profits before taxes and inventory valuation adjustment l TransManufacturing portation All All comNonDurable durable muniother indusgoods tries Total goods cations indusindustries and industries tries public utilities S juljiis tuont m il of Kconomic Advisers Corporate profits after taxes Corpo Corpo profits before taxes tax liability Total s Dividend payments NOTE Data for Alaska and Hawaii included beginning I r Commerce except as noted t j Source Department of Undistributed profits GROSS PRIVATE DOMESTIC INVESTMENT In the first quarter of 1962 business fixed investment and inventories rose while residential construction fell resultins in a total gain of about 1 billion seasonally adjusted annual rate in private investment BILLIONS OF DOLLARS BILLIONS OF DOLLARS GROSS PRIVATE DOMESTIC INVESTMENT PRELIMINARY ESTIMATES BY COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE EXCEPT AS NOTED COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Third quarter Fourth quarter 1961 First quarter Second quarter Third quarter Fourth quarter 1962 First quarter Total gross private domestic investment Fixed investment Total New construction Producers durable Residenequiptial Totai Other ment nonfarm Seasonally adjusted annual rates Revisions in series on new construction shown on p 17 have not yet been incorporated into these series 3 Other construction in this series includes petroleum and natural gas well drilling which are excluded from estimates on p 17 3 Preliminary estimates by Council of Economic NOTE Data for Alaska and Huwnll Incliitlnl iH Source Department of Oomnirrco cxtTpt iu h it Change in business inventories Total Nonfarm K a a ft EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the January February survey business firms are planning to spend 37 2 billion on new plant and equipment in 1962 about 8 percent more than in 1961 Quarterly increases of 11 k to 2 percent seasonally adjusted are anticipated for the first and second quarters of 1962 BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEE NOTE 3 ON TABLE BELOW SOURCES SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT of COMMERCE 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Transportation Manufacturing Period Total Total I S Third quarter Fourth quarter First quarter Second quarter Third quarter Fourth quarter First quarter 3 Second quarter 3 Durable Nonduragoods ble goods Railroads Other Seasonally adjusted annual rates Excludes agriculture 2 Commercial and other includes trade service finance communications and construction a Estimates based on anticipated capital expenditures as reported by business In late January and February 1962 Includes adjustments when necessary for systematic tendencies In anticipatory date 8 Mining Public utilities Commercial and other NOTE Beginning 1959 all quarterly data are rounded to nearest 50 million Annual total is the sum of unadjusted expenditures it does not necessarily coincide with the average of seasonally adjusted figures These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce principally because the latter cover agricultural investment and also certain equipment and construction outlays charged to current expense Sources Securities and Exchange Commission and Department of Commerce EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In March civilian employment seasonally adjusted changed little and the unemployment rate declined to 5 5 percent MILLIONS OF PERSONS MILLIONS OF PERSONS CIVILIAN LABOR FORGE V AGRICULTURAL EMPLOYMENT i n n u nra i w ll 1 n l UNEMPLOYMENT I 1I 1 I 1 1 I I i I I 11 1 I PERCENT OF CIVILIAN LABOR FORCE UNEMPLOYMENT RATE SEASONALLY ADJUSTED PERCENT OF CIVILIAN LABOR P j T fl Period March April May June July August September October November December 1962 January February March 1962 COUNCIL OF ECONOMIC ADVISERS Civilian employment Total Thousands Unadjusted Oil Nonagricultural Civilian employment Unemployment Civilian labor force Total Agricultural Nonagricultural Unemployment of persons 14 years of age and over i i Seasonally adjusted Seasonally adjusted totals iray differ from sum of components because totals and components have been seasonally adjusted separately y YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR Total labor Civilian force includ labor ing force armed forces j f FORCE Unemployment rate percent of civilian labor force SeasonUnad ally adjusted justed Percent S DOS 3 K M 6 7 li r 6 2 r s r i NOTE For d e f m l l i o nnd covrnij i M C fSinjiloyinntl a mcnt of Labor J l i i n n w IWiO d u l i i n r l i u l i A l i i s k u i m l l Source DcjmrUmMil of Labor ngs D r j m r t UNEMPLOYMENT INSURANCE PROGRAMS Insured unemployment averaged 2 7 million in March or about 700 000 less than in March 1961 MILLIONS OF PERSONS MILLIONS OF PERSONS WEEKLY INSURED UNEMPLOYMENT STATE PROGRAMS SEPT JAN SOURCE DEPARTMENT OF LA80R COUNCIL OF ECONOMIC ADVISERS All programs Insured Total unem benefits Covered ploypaid employ ment milment weekly lions of averdolage lars Period Thousands February March April May June lulv August September Idohcr i vinbor 1 Ircciubcr I M I i n u i r v I 1 VI t n i i r y M rrli M r lC M i n l i April 10 State programs Insured unemployment Initial claims Insured unemployment as perExhaus cent of covered employment tions Unad Seasonjusted ally adjusted Weekly average thousands i H l u i r programs for temporary extension of benefits be i n iiimrmry Id NOV Percent Benefits paid Total Average milweekly check lions of dollars dollars S 3 5 3 B NOTE For definitions and coverage see i960 Supplement to Economic Indicators Data for Alaska and Hawaii included for all periods Source Department of Labor NONAGRICULTURAL EMPLOYMENT In March nonfarm payroll employment seasonally adjusted was 54 8 million up 50 000 from February MILLIONS OF WAGE AND SALARY WORKERS MILLIONS OF WAGE AND SALARY WORKERS 60 ALL NONAGRICULTURAL ESTABLISHMENTS 56 5Z 50 48 Lj I960 CONTRACT CONSTRUCTION WHOLESALE AND RETAIL TRADE ENLARGED SCALE ENLARGED SCALE I960 X SEASONALLY ADJUSTED DATA SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers Manufacturing private Period February March April May June Julv August September October November December 1962 January February 3 March 3 Total unadjusted Total BO SI Total Durable Nondura Total2 goods ble goods 1 Includes all fall and part time wage and salary workers in nonagric ultural establishments who worked during or received pay for any part of the pay period ending nearest the 15th of the month Excludes proprietors self employed persons domestic servants and personnel of the armed forces Total derived from this table not comparable with estimates of nonaericultural employment of the civilian labor force shown on p 9 which include proprietors self employed parson and domestic servants which count persons as employed when they are not at work because of industrial disputes and which are based on an enu Nonmanufacturing private Contract Transporta Wholesale construc tion and pub and retail tion lic utilities trade Seasonally adjusted Government Federal State local meration of population whereas the estimates In this table are based on reports from employing establishments 2 Includes mining finance insurance and rcr l estate and service and miscellaneous not shown separately Preliminary NOTE Beginning 1959 data include Alaska and Hawaii Source Department of Labor 11 WEEKLY HOURS OF WORK In March the average workweek of production workers in manufacturins was 40 5 hours seasonally adjusted or 0 2 hours above the February workweek HOURS PER WEEK SEASONALLY ADJUSTED 46 HOURS PER WEEK SEASONALLY ADJUSTED 46 DURABLE MANUFACTURING NONDURABLE MANUFACTURING 36 RETAIL TRADE T r rNe s aes T i i i i i 1959 I 1959 I960 COUNCIL OF ECONOMIC ADVISERS Average hours per week Manufacturing industries Period All February March April May J unc Inly Au 1 ust Srpte iber Orliil r N c i v r I IT 1 I I M I I her I lt iini V I V I i r i i r v fl M m l l 9SZ 1961 I960 SOURCE DEPARTMENT OF LABOR Contract NonDurable durable construc Retail trade goods tion goods Hours per week Seasonally adjusted workers or nonsupervisory employees Beginning Persons at work in noua ricultural 2 industries by hours worked per week Under 35 hours Part time for Over economic reasons hours houre Total Usually Usually partfulltime 3 time Millions of persons 14 years of ase and over Includes persons who worked part time because of slack work material shortages or repairs new job started or job terminated Primarily includes persons who could find only part time work b Preliminary 6 Not available Average hours worked usually full time 22 7 usually part time 17 1 Source Department of Labor AVERAGE HOURLY AND WEEKLY EARNINGS SELECTED INDUSTRIES Average hourly earnings of production workers in manufacturing were 2 38 in March unchanged from February Average weekly earnings however rose to 95 91 in March reflecting a rise in the workweek DOLLARS e eo EO I I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS For production workers or nonsupervisory employees Average hourly earnings current prices Manufacturing industries Contract conRetail NonDurable durable structrade All goods tion goods Period February March April May June July August September October November December 1962 January 2 February March Not available S264S 3 Manufacturing industries All Earnings in current prices divided by the consumer priceindex on a 1961 base Preliminary 1 Average weekly earnings current prices NonDurable durable goods goods Contract Retail constructrade tion NOTE Beginning 1959 data include Alaska and Hawaii Source Department of I abor Average weekly earnings all manufacturing industries 1 1961 prices GO 13 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION The industrial production index seasonally adjusted increased almost 1 percent in March bringing the total rise since the low of February 1961 to about 1 3M percent INDEX SEASONALLY ADJUSTED 140 TOTAL INDEX SEASONALLY ADJUSTED UTILITIES AND MINING I I9S9 COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Period February March April May t June July August September October November December 1962 JanuaryFebruary March l J Preliminary 14 Industry Total industrial production Total Market Final products Manufacturing NonDurable durable Mining Utilities Total Consumer goods Equipment Source Board of Governors of the Federal Keserve System Mate rials PRODUCTION OF SELECTED MANUFACTURES In March output of most manufactures seasonally adjusted increased or was maintained at February levels The largest increases were registered among durable goods industries particularly the machinery transportation and furniture groups INDEX SEASONALLY ADJUSTED INDEX I95r l00 SEASONALLY ADJUSTED I I960 I COUNCIL OF ECONOMIC A DVISE SOURCE BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM seasonally adjusted Durable manufactures Period February March April May June July August September October November December 1962 January February March 1 1 Preliminary Not available Nondurable manufactures FabriTranspor Lumber Textiles Primary cated Machin tation and apparel metals ery metal equipprodand products ucts leather ment S Paper Chemicals Foods and petrobeverprint leum and ages and rubber tobacco ing Source Board of Governors of the Federal Reserve System 15 WEEKLY INDICATORS OF PRODUCTION Cars and trucks assembled freight loaded and paperboard produced were higher in March than in February Steel produced and electric power distributed were down about 2 percent in March MILLIONS MltUONS OF TONS OF SHORT TONS DAILY A V E R A G E BITUMINOUS COAL I960 i jjt I I 1 I I 1 i I 1 I I I I I t I I I I I t 1 I I I I3i I I I 1 I I t I I M I 1 I I I J F M A M J J A S O BILLIONS OF KILOWATT HOURS 19 SOURCES AMERICAN IRON AND STEEL INSTITUTE DEPARTMENT OF THE INTERIOR EDISON ELECTRIC INSTITUTE AND WARD S AUTOMOTIVE REPORTS Period Weeklv average February March April May June JulyAugust September October November December 1962 January February March 2 Week ended 1962 March April 7 14J Daily average Preliminary Not charted 16 Bituminous Freight Paperboard Electric Cars and trucks Steel produced power coal mined loaded Index distributed thousands thousands produced assembled thousands Thousands thousands of net millions of of short of cars Total Cars Trucks of tons tons kilowatt hours tons J Sources American Iron and Steel Institute Edison Electric Institute Department of the Interior Association of American Railroads National Paperboard Association and Ward s Automotive Reports NEW CONSTRUCTION Outlays for new construction seasonally adjusted were about the same in March as in February A small rise in other private construction was offset by a decrease in the public area Construction contracts rose 31 2 percent in February BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL BATES TOTAL NEW CONSTRUCTION PRIVATE RESIDENTIAL NONFARM w 01 I956 I i I I I L i i i i i I t i i i i I959 1 I960 i i i i I i i i i SEE NOTE 3 IN TABLE BELOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Private Period ne v series G1 Total new construction expenditures Total C 40 4 Pt esidentia nonfarm Commercial and industrial Billions of dollars Other Construction contracts 1 CommerFederal Total value cial and in48 States dustrial State and index floor space local millions 100 of square feet G Seasonally adjusted annual rales 1961 February March April May June July August September October November December January February March 4 1 Compiled by F V Relates to 48 States Doclt e Corporation beginning 1956 and to 37 Eastern States prior to 1956 In addition to major differences between old and new series data for Alaska and Hawaii are included beginning January 1959 Seasonally Seasonally adjusted adjusted annual rates Preliminary NOTE Total value index has been converted to the base Sources Department of Commerce and F W Dodge Corporation 17 HOUSING STARTS AND APPLICATIONS FOR FINANCING Private housing starts increased sharply in March to an annual rate of units seasonally adjusted applications and VA appraisal requests also increased FHA MILLIONS OF UNITS ANNUAL RATE MILLIONS OF UNITS ANNUAL RATE SEASONALLY ADJUSTED NEW SERIES PRIVATE NONFARM HOUSING STARTS SOURCES DEPARTMENT OF COMMERCE FEDERAL HOUSING ADMINISTRATION F H A AND V E T E R A N S ADMINISTRATION VA t QUNal OF K Ot46MIC ADVISERS Thousands of units Total housing starts farm and nonfarm Period February March April May June July August September October November 4 December 1962 January 4 February March 4 Total private and public Private Total private and public Total Private Government programs FHA VA Old series New series represented by mortgage applications lor new home construction Starts C 20 11 Supplement Bureau ol the Census May 19CO Data lor Alaska and Hawaii included Private housing starts seasonally adjusted annual rates Nonfarm housing starts Total farm and Nonfarm nonfarm New series 3 j S i H Proposed home construction Applications for FHA commitments Requests for VA appraisals Preliminary Sources Department of Commerce Federal Housing Administration FHA nd Veterans Administration VA TRADE SALES AND INVENTORIES Retail trade sales seasonally adjusted rose in February while sales declined at wholesale levels Inventories showed little change According to preliminary estimates retail sales increased to 19 3 billion in March BILLIONS OF DOLLARS BILLIONS OF DOLLARS RETAIL TRADE WHOLESALE TRADE DURABLE GOODS STORES INVENTORIES i n k T v J NVENTOR1ES r y Z f s v SALES SALES e J J NONDURABt E I GOODS STO 16 i j INDEX DEPARTMENT STORES ES INVENTORIES INVE NTORIES jpt M X s SALES 1nt M S ve f xx X SALES n r i 1 1 I i 1 I i i ion I i SEASONALLY ADJUSTED SOURCES DEPARTMENT OF COMMERCE AND BOARD OF GOVERNOR S OF THE FEDERAL RESERVE SYSTEM Wholesale Bales 3 Period Sales Inventories 2 Total COUNCIL OF ECONOMIC ADVISERS Department stores Retail Inventories 2 NonDurable durable goods goods stores stores Total NonDurable durable goods goods stores stores Billions of dollars seasonally adjusted i January Febriuirv March April May June July Aaifust September October November December 1962 January 6 February 6 March Monthly average lor year and total for month Book value end of period seasonally adjusted 3 rofrinninp January I960 data include Aiaska and Hawaii 4 End of period except nnnna data which Eire monthly averages Sales Inventories 4 Index 194 seasonally adjusted Hi 151 Jf M i r s Based on retail value Preliminary Sources I p i r f m r n f of Reserve System 19 MANUFACTURERS SALES INVENTORIES AND NEW ORDERS Manufacturers sales seasonally adjusted rose by 2 percent in February and inventories by 1 percent or 500 million new orders were unchanged Preliminary data indicate that new orders for durable soods dropped again in March BILLIONS OF DOLLARS BILLIONS OF DOLLARS 4O MANUFACTURERS INVENTORIES MANUFACTURERS SALES NONDURABLE SOODS DURABLE GOODS 1 iii i i i Ii DURABLE SOODS MANUFACTURERS NEW ORDERS NONDURABLE SOODS NONDURABLE GOODS X DURABLE GOODS 1959 I I960 SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted Manufacturers sales Period Total January February March April May June July August September ctober November i h cember 1962 J u i t i i r y 3 3 I Vbrunrv M n r c h l NonDurable durable goods goods m l iota for month nconaily adjusted 20 Manufacturers inventories 2 NonDurable durable goods goods Total S Manufacturers new orders 1 Total Preliminary Source Department of Commerce Durable goods NonMachinery durable and goods Total equipment Not charted MERCHANDISE EXPORTS AND IMPORTS In February exports seasonally adjusted rose sharply and imports fell slishtly raisins the trade surplus to 514 million the highest since March 1961 BILLIONS OF DOLLARS E 5 BILLIONS OF DOLLARS I 2 5 SEASONALLY ADJUSTED MERCHANDISE EXPORTS EXCLUDING MUTUAL SECURITY PROGRAM SHIPMENTS GENERAL IMPORTS I9S8 I960 SOURCES DEPARTMENT dp COMMERCE AND DEPARTMENT OF DEFENSE Period Millions of dollars Merchandise exports excluding Merchandise imports Mutual Security Program shipments General 2imTotal includImports for consumption3 Domestic exports ports ing reexports 1 Indus Finished Indus Finished Season Unadtrial trial Total Food mate manu Season Unad Total Food mate manually ad justed ally ad justed facstuffs facstuffs justed rials tures rials tures justed Monthly average January February March ApriL May June July AugustSeptember October November December 1962 January February COUNCIL OF ECONOMIC ADVISERS S Unadjusted SSS 1 Sll I Unadjusted NOTE Btocause of revisions being made in series subgroups do not necessarily Include all d data reflected in totals Sources Department o Commerce and Department of Defense Q I U S BALANCE OF PAYMENTS Despite a substantial increase in net exports of goods and services in the fourth quarter the over all deficit as measured by U S sold sales and increases in foreign dollar assets rose 2 8 billion seasonally adjusted annual rate Subscriptions to international organizations were an important factor in the increase BILLIONS OF DOLLARS BILLIONS OF DOLLARS U S PAYMENTS U S PAYMENTS 30 U S RECEIPTS IMPORTS OF GOODS AND SERVICES 40 U S RECEIPTS TOTAL EXCESS OF RECEIPTS PH EXPORTS OF GOODS flND SERVICES EXCESS OF PAYMENTS i i i i O SEASONALLY ADJUSTED ANNUAL RATES INCLUDES UNRECORDED TRANSACTIONS SOURCE DEPARTMENT OF COMMERCE i 1 t S i K l i I 1959 i J t 1 r 1 t v i I960 S LIQUID DOLLAR ASSET S 1961 COUNCIL OF ECONOMIC ADVISERS Millions of dollars U S receipts recorded U S payments recorded Balance on rePeriod Exports of goods and services Foreign capital other than liquid dollar assets U S grants and capital net Imports U S goods Government grants of and Total services Private capital net payor receipts and net corded transactions Direct Total capital Unrecorded transactions errors and omissions net receipts Increase in foreign gold and recorded liquid dollar assets through transactions with the U S Seasonally adjusted annual rates I960 Third quarter Fourth quarter 1901 First quarter Second quarter Third quarter Fourth quarter Ury Inn 174 mil Inrl rcmittiinces and pensions not shown separately U tV i inillion increase in U S subscription to International Mone r S subscription to International Development Association of tMi million nt annual rate Hnplt 1 direct investment transaction of 370 million 1 480 million 22 fi Includes advance debt repayment and interest payments on U S Government loans of 774 million 3 1 billion at annual rate 6 Before adjustment for receipts ol principal and interest on government loans paid in the previous quarter Includes over 400 million 1 7 billion at annual rate of subscriptions to international organizations and other special capital outflows NOTE Data exclude goods and services transferred under military grants Source Department of Commerce PRICES CONSUMER PRICES Consumer prices rose in February led by a 0 6 percent rise in food prices Prices of other nondurable commodities aiso rose while those for durables remained stable Services continued their upward price trend INDEX I N D E X I960 SOURCE DEPARTMENT OF LABOR All items Period January February March April xiM a j Mav June July August September October November December 1962 January February Commodities Services Commodities less food Services All comAll Food Rent less Nonmodities Durable durable services All rent NOTE Series has been converted to the standard reference base 1962 COUNCIL OF ECONOMIC ADVISERS Source Department of Labor WHOLESALE PRICES Wholesale prices were stable on the average in March with prices of industrial products and processed foods down slightly from February levels and farm product prices continuing their upward trend INDEX INDEX COMMODITIES OTHER THAN FARM PRODUCTS AND FOODS INDUSTRIALS SOURCE DEPARTMENT OF LABOR Period I February March April May June July August September October November December 1 902 January February March 3 Week ended April COUNCIL OF ECONOMIC ADVISERS All commodities Commodities other than farm products and foods industrials Consumer finIndusIndusFarm Procished goods extrial in ProducAll intrial prodessed er fincluding food dustricrude termediucts foods ished Durmate ate ma goods Nonals1 2 terials rials able durable jjlij f rojj s Jor s j Qi correspond exactly to coverage of this rludrs l i i r n i i r d i i i innlerinl for food injinufncturinfj and manufactured iJ f i i d JucJudr 1 in pnr ri mr products for further processing i llmliiiirv 24 s Weekly series based on smaller sample than monthly series Not available NOTE Feries has been converted to the standard reference base i00 Source Department of Labor PRICES RECEIVED AND PAID BY FARMERS In the month ended March 15 the index of prices received by farmers rose slightly remained unchanged and the parity ratio remained at 80 The index of prices paid INDEX I9IO I4 IOO INDEX PRICES PAID INTEREST TAXES AND WAGE RATES f 200 I i i i i i I i i i i RATIO too PARITY RATIO i I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID INTEREST TAXES AND WAGE RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices received by farmers Period All farm products February 15 March 15 April 15 Mav 15 June 15 July 15 August 15 September 15 October 1 5 November 15 December January February 15 March Crops Percentage ratio of imlex of prices received by farmers to index of prices paidInterest taxes and vapc rates Prices paid by farmers All items Livestock interest Family Productaxes and and living tion wage rates products items items parity index Index i l l Parity ratio SO SO 7 t 7 l 2 iS lit IS SO ii9 so so 25 MONEY CREDIT AND SECURITY MARKETS MOUKY SUPPLY The money supply declined slightly less than seasonally in March BILLIONS OF DOLLARS BILLIONS OF DOLLARS 160 IGO I960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures billions of dollars Money supply Seasonally adjusted Unadjusted Currency Currency Demand Demand Total outside Total outside deposits deposits banks banks Period i J9 iJ December DecemberDecemberDecember December December December December December March April May iine Julv August September iclnber November I i v cf inber 1 M i J 1 t n u i r v i Vbrunrv M ircli Firs f Second h n l f S COUNCIL OF ECONOMIC ADVISERS i G Related deposits unadjusted 1 Gross time NOTE See note p 27 Source Board of Governors of e Federal Reserve System U S Government demand BANK LOANS INVESTMENTS DEBITS AND RESERVES Commercial bank loans rose 1 6 billion in March compared to a decline of about 100 million in March 1961 BILLIONS OF DOLLARS BILLIONS OF DOLLARS END OF MONTH SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS All commercial banks End of period February March AprilMay June 5 July s August 3 September October 5 5 November 5 December 1962 January 5 5 Februarjr March 5 Investments Total loans and investments Loans U S Government securities Business loans 2 Billions of dollars Member banks are all nations banks and those State banks which have taken membership in the Federal Reserve System Commercial and industrial loans and prior to 1956 aerieultural loans Series revised beginning January 1952 October 1955 JuJy 1958 July 195 i and April 1901 3 Debits durinp period to demand deposil accounts except i n l e r b i m k and U S Government Prior to 1955 relate to 3 M renter outside New York C i i y 1 Averages of daily figures A n n u a l d a t a are for December Other securities Weekly reporting member banks Bank All member banks 1 debits outside New York Reserves BorrowCity 343 ings at centers Federal seasonally adjusted Required Excess Reserve Banks annual rates 3 Millions of dollars S S il i g Oil K Preliminary JIM N O T K BoMviTti J i n u i r y u r t expanded l o i n r l u d r d n t n or n i l hu I t n l M A iii U I l l s t w n l i i t n l f siM m IH In her hank I n c l u d e A l i m k u i t i t d l w i i l l lu dMlillH HK nifl IWju f wi H pl I M i r l r l r l l l l I l w m li l III 21 CONSUMER CREDIT In February total consumer credit outstandin3 declined about 700 million compared to a decrease of 900 million in February 1961 BILLIONS OF D O L L A R S BILLIONS OF DOLLARS TOTAL CREDIT OUTSTANDING SEASONALLY ADJUSTED ENLARGED SCALE INSTALMENT CREDIT EXTENDED S3 g g L f j i i g cni f C M n in t ef C K INSTALMENT CREDIT REPAID 1 f r r i f f f f f i t Instalment Total January February March April Mav June July August September October November December January Kebruarv Total Automobile paper AI M un Iudos other consumer goods paper repair and modernization loans j i r i M j i i i i l loans not shown separately i u h M i w r r credit extended for the purpose of purchasing automobiles and i ijn r v ho Horns purchased un sisis f single payment loans charge accounts and service credit 28 1962 COUNCIl OF ECONOMIC ADVISERS Millions of dollars Consumer credit outstanding end of period unadjusted Period I960 SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Noninstalment C Consumer instalment credit extended and repaid seasonally adjusted Total i Automobile paper 2 Extended Repaid Extended C Repaid NOTE Data for Alaska and Hawaii included beginning January and August 1959 respectively n i i i r r f Source Board of Governors of the Federal Reserve System BOND YIELDS AND INTEREST RATES The rate on 3 month Treasury bills averaged somewhat less in March than in February Bond yields also declined PERCENT PER ANNUM PERCENT PER ANNUM 1962 SOURCES SEE TABLE BELOW Period I February March April May June July August September October November December 1962 January February March Week ended 1962 March April COUNCIL OF ECONOMIC ADVISERS Percent ner annum U iS Government High grade security yields municipal bonds 3 month Taxable Treasury Standard bonds 2 bills i Poor s x i Corporate bonds Moodv s Aaa Prime commercial paper Baa 4 6 months Weekly data are Wednesday figures Not charted on new issues within period Sources Treasury Department Board of Governors of the Federal Series includes Apri 1953 to date bonds due or callable 10 years and after April 1952 March 1953 bonds due or callable after 12 years October 1941 March Reserve System Standard Poor s Corporation and Moody s Investors Service 1952 bonds due or callable after 15 years Hate QQ STOCK PRICES Stock prices averaged about the same in March as in February but have declined in recent weeks I N D E X INDEX ISO i i i I i r i i i i COUNCIL OF ECONOMIC ADVISERS SOURCE SECURITIES AND EXCHANGE COMMISSION Composite index 1 Period Weekly average February March April Mav June July August September October November December Januarv February March Week ended 1962 March April Manufacturing NonDurable durable Total goods goods Utilities Trade finance and service Mining liu liuics i JO common stocks 108 for durable goods manufacturing 85 for non duriil l f oodp iiifinufncturinR 18 for transportation 34 for utilities 45 for trade 2 Iliiunn itn service nm 10 for mining Not charted 30 Transportation NOTE Indexes are based on weekly closing prices Source Securities and Exchange Commission FEDERAL FINANCE BUDGET RECEIPTS AND EXPENDITURES The budget deficit for the first 9 months of fiscal 1962 was 8 2 billion deficit was 4 7 billion BILLIONS OF DOLLARS For the comparable period of 1961 the BILLIONS OF DOLLARS 100 NET BUDGET EXPENDITURES NET BUDGET RECEIPTS 50 o I NATIONAL DEFENSE 1959 I BUDGET SURPLUS OR DEFICIT ENLARGED SCALE FIRST 9 MONTHS I I FISCAL Y E A R S EST1MATE SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET Period Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 1961 year 1957 year 1958 year 1959 year 1960 year 1961 year year February March 5 April5 May June July5 5 August September October 5 6 November December January 5 February March 5 5 Cumulative totals first 9 months Fiscal year Fiscal year 1962 COUNCIL OF ECONOMIC ADVISERS Billions of dollars Net budget expenditures Net National defense 1 budget Department Total receipts Total of Defense military I Expenditures for m IHary activities of the ep irtnient of Defense military functions and the niili ary assistance portion of the inulimj security program atoinic energy and dpf nse related services s Military functions m i l i t a r y assistance Includes p u n n i i i t r o securilirs held outside I he Treasury Not n i l of l o l n l shown is Mibjrcf to st i tilory debt i i n i i l a l i o n Budget surplus or deficit Public debt end of3 period S Mm 5 i Preliminary NOT Total budget mental trnn saetton utul t Xj mUturt i rvcUi U n1i it tunl Unread n the Hilil CASH RECEIPTS FROM AND PAYMENTS TO THE PUBLIC In the first quarter of calendar 1962 cash receipts exceeded cash payments by 300 million on a seasonally adjusted basis however payments exceeded receipts by 3 7 billion BILLIONS OF DOLLARS SEASONALLY ADJUSTED BILLIONS OF DOLLARS SEASONALLY ADJUSTED 30 EXCESS OF CASH RECEIPTS EXCESS OF CASH PAYMENTS 5 I 1959 CALENDAR YEARS SOURCES TREASURY DEPARTMENT AND BUREAU OF THE BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Cash receipts from the public Period Fiscal year total Calendar year total Qiiiirtorly total calendar years ii liO Third quarter Fourth quarter H M i i First quarter Si conn quarter Third quarter 2 2 F o u r t h quarter l Mi it ii q u a r t e r ftvllminury Cash payments to the public Excess of receipts or Cash receipts from the payments public Unadjusted Excess of receipts or payments Cash payments to the public Seasonally adjusted o o O fj Sources Treasury Department and Bureau of the Budget l r ir U by I he mperliilemlont of Documents U S Government Printing Office Washington 25 D C Price 20 cents per copy 2 00 per year 2 75 foreign 32 U S G O V E R N M E N T P R I N T I N G O F F I C E I

Wholesale Prices

DATE: April 1962

PART OF:

Economic Indicators : April 1962

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Wholesale Prices," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "April 1962," Economic Indicators (April 1962) : 28-28. https://fraser.stlouisfed.org/title/1/item/474/toc/411643 , accessed on December 5, 2019.

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Economic Data